Sean Patrick Maloney: “I remember that when I became a member of this Congress six years ago, the American economy was in trouble. In 1993 the…”

“I remember that when I became a member of this Congress six years ago, the American economy was in trouble. In 1993 the budget deficit was over a quarter of a trillion dollars, growth was an anemic 2.3 percent and unemployment was hovering at an alarming seven percent. Today I can't pick up the paper without reading about the latest statistics of good news: the longest period of post-war expansion, with last year an amazing 3.9 growth rate; the lowest unemployment rate in about three decades, today barely over four percent, and a fiscal situation that was regarded as a fantasy when this president took office: this year a projected budget surplus of $39 billion. The difference between then and now can be seen in the newspaper almost every day. In fact, on the front page of today's New York Times business section was a story reporting a 12.1 percent increase in American car and truck sales. The reason for the continuing bright news was explained by General Motors' chief forecaster, who stated, ``The fundamentals of the economy are very strong. A lot has been written about the industry slowing down, but frankly it's hard to see that happening because of low unemployment, low interest rates and high consumer confidence.''”